Cerebras prices IPO at $185, raising $5.55 billion at $56.4 billion valuation under CBRS

Cerebras Systems priced its U.S. initial public offering at $185 a share on May 13, 2026, above its expected $150 to $160 range, raising $5.55 billion and valuing the AI chip company at $56.4 billion on a fully diluted basis. The Silicon Valley company sold 30 million shares and will trade on Nasdaq under the ticker CBRS. Underwriters have an option to buy an additional 4.5 million shares. The deal ranks among the largest U.S. technology IPOs since Snowflake (SNOW) in 2020 and Rivian Automotive (RIVN) in 2021. Cerebras makes wafer-scale AI chips and is expanding into cloud AI computing, putting it in competition with Nvidia (NVDA), Alphabet’s Google (GOOGL), Microsoft (MSFT), Oracle (ORCL) and CoreWeave. Its prospectus showed customer concentration remains high: G42’s revenue share fell to 24% from 85% in 2024, while MBZUAI accounted for 62% last year. Cerebras also signed an OpenAI agreement in January 2026 valued at more than $20 billion for 750 megawatts of AI capacity.